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Interest on loan taken for House Property

satyendra kumar singh (Manager-Finance & Accounts) (100 Points)

07 February 2011

Dear

As per income tax act maximum limit to claim exemption unser Sec 24(b) is 1,50000 for interest on locan taken for house property . and we can also take a credit of prior period interest for next 5 years .

But at the time of taking credit of prior period interest what is the maximum limit ?

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3 Replies

Pankaj Arora (Learner) (3134 Points)
Replied 07 February 2011

you can only claim interest of Rs.1.50 Lac in a year.

rachit jain (chartered accountant ) (635 Points)
Replied 07 February 2011

if the house is self occupied then the limit is 1.5 lac for both pre construction period interest and current interest. but in case of let out for rent there is no limit.